Friday, May 28, 2010

IS THE WORLD BROKE? Entitlements, Spending May Spell Doom

Worldwide markets will soon close out a brutal month, thanks to a realization among traders and economists that spending by governments across the globe has threatened many economies with running out of cash.

What started as a cautious eye toward problems in a marginally important economy in Greece became a full-blown crisis, when ratings firms cut debt outlooks for fellow eurozone economies Spain and Portugal. There were concerns that the euro itself would collapse, or at least break into pieces, either because Greece was thrown out or more stable economies like Germany pulled out. READ MORE...

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